AUD/NZD Price Analysis: Bears remain hopeful despite RBNZ whipsaw

AUD/NZD fizzles RBNZ-led uptick to keep two-week-old support break.
RBNZ kept monetary policy unchanged but flashed mixed signals on economics.
Bearish MACD also favors sellers targeting 200-bar SMA.
Bulls need to refresh yearly high above 1.0830 to retake control.

Anil Panchal FXStreet

Following its initial run-up to 1.0821, AUD/NZD drops back to 1.0773 during early Wednesday. The pair’s latest moves could be traced to the Reserve Bank of New Zealand’s (RBNZ) quarterly monetary policy meeting results.

Read: Breaking: RBNZ keeps QE, OCR unchanged

Given the pair’s sustained trading below the previous support line from February 09, amid bearish MACD, AUD/NZD sellers are determined to attack the 200-bar SMA level of 1.0727.

It should, however, be noted that the quote’s weakness past-1.0727 will not hesitate to challenge the monthly bottom surrounding 1.0540.

Meanwhile, corrective pullback beyond the previous support line, at 1.0790 now, needs to cross the latest high, also the highest since January 20, 2021, around 1.0845, to convince traders.

Following that, October 2020 high near 1.0910 and the 1.10000 threshold will be in the spotlight.

AUD/NZD four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.0784
Today Daily Change	0.0005
Today Daily Change %	0.05%
Today daily open	1.0779

Trends
Daily SMA20	1.0706
Daily SMA50	1.0712
Daily SMA100	1.0673
Daily SMA200	1.0725

Levels
Previous Daily High	1.0829
Previous Daily Low	1.0772
Previous Weekly High	1.0798
Previous Weekly Low	1.0719
Previous Monthly High	1.0844
Previous Monthly Low	1.0632
Daily Fibonacci 38.2%	1.0794
Daily Fibonacci 61.8%	1.0807
Daily Pivot Point S1	1.0758
Daily Pivot Point S2	1.0736
Daily Pivot Point S3	1.07
Daily Pivot Point R1	1.0815
Daily Pivot Point R2	1.0851
Daily Pivot Point R3	1.0873

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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